Lamar Advertising (NASDAQ:LAMR) Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. lowered its stake in shares of Lamar Advertising (NASDAQ:LAMR) by 2.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,503 shares of the real estate investment trust’s stock after selling 393 shares during the period. Oppenheimer & Co. Inc.’s holdings in Lamar Advertising were worth $1,973,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Wellington Management Group LLP purchased a new stake in shares of Lamar Advertising during the 4th quarter worth approximately $111,255,000. Morningstar Investment Services LLC boosted its position in Lamar Advertising by 97.6% during the fourth quarter. Morningstar Investment Services LLC now owns 913,833 shares of the real estate investment trust’s stock worth $98,347,000 after purchasing an additional 451,429 shares in the last quarter. Norges Bank acquired a new stake in Lamar Advertising in the fourth quarter valued at $38,406,000. Centersquare Investment Management LLC increased its position in shares of Lamar Advertising by 1,252.8% in the fourth quarter. Centersquare Investment Management LLC now owns 340,181 shares of the real estate investment trust’s stock valued at $36,154,000 after buying an additional 315,034 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Lamar Advertising by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 12,708,765 shares of the real estate investment trust’s stock worth $1,517,554,000 after buying an additional 68,484 shares during the last quarter. 93.78% of the stock is currently owned by institutional investors and hedge funds.

Lamar Advertising Price Performance

LAMR stock opened at $131.13 on Tuesday. The company has a market cap of $13.41 billion, a PE ratio of 26.93 and a beta of 1.52. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 2.31. The stock has a 50-day moving average price of $120.40 and a two-hundred day moving average price of $118.00. Lamar Advertising has a 12-month low of $77.21 and a 12-month high of $131.61.

Lamar Advertising (NASDAQ:LAMR) last issued its earnings results on Thursday, August 8th. The real estate investment trust reported $1.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.01 by ($0.67). Lamar Advertising had a return on equity of 42.18% and a net margin of 23.34%. The firm had revenue of $565.25 million for the quarter, compared to analysts’ expectations of $564.96 million. During the same quarter in the previous year, the firm posted $1.90 EPS. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. As a group, research analysts predict that Lamar Advertising will post 7.75 EPS for the current year.

Lamar Advertising Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Wednesday, September 18th will be given a $1.40 dividend. The ex-dividend date is Wednesday, September 18th. This represents a $5.60 annualized dividend and a dividend yield of 4.27%. This is a positive change from Lamar Advertising’s previous quarterly dividend of $1.30. Lamar Advertising’s dividend payout ratio is presently 114.99%.

Analysts Set New Price Targets

Several equities analysts have weighed in on LAMR shares. Citigroup downgraded shares of Lamar Advertising from a “buy” rating to a “neutral” rating and set a $122.00 target price for the company. in a report on Thursday, July 11th. JPMorgan Chase & Co. lifted their price objective on Lamar Advertising from $117.00 to $121.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. TD Cowen lifted their target price on shares of Lamar Advertising from $135.00 to $140.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, StockNews.com raised shares of Lamar Advertising from a “hold” rating to a “buy” rating in a research note on Friday, May 31st. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Lamar Advertising currently has an average rating of “Hold” and an average price target of $123.25.

Lamar Advertising Company Profile

Lamar Advertising Company operates as an outdoor advertising company in the United States and Canada. The company owns and operates billboards, logo signs, and transit advertising displays, as well as rents space for advertising on billboards, buses, shelters, benches, logo plates, and in airport terminals.